What is surveyors’ professional indemnity insurance?
Professional indemnity insurance usually takes top billing in a surveyors’ insurance policy.
It can provide cover for the cost of defending a claim of negligence, breach of contract, or any scenario in which a client alleges personal or financial loss as a result of your business services. It can also help with the cost of compensation due to clients from a successful claim.
For example, you might fail to notice a rotten timber beam that needs to be replaced, at cost, further down the line. Or, you might be accused of making errors in data collection for the track layout of a major new rail line, which causes severe delays (and that’s before the trains are even running).
Professional Indemnity insurance for surveyors could provide financial security in both circumstances. It can also provide cover if your business were accused of a breach of confidence, defamation, or even infringement of intellectual property rights.